Flipping of altcoins (cryptocurrencies other than Bitcoin) is one of the ways of making a profit through crypto-investment, which can be done on Binance.
Altcoins which includes coins such as Ethereum, Dogecoin, USDT, Cardano, Litecoin, Monero, Zcash, Diem, and so on can be flipped on Binance.
What Does It Mean To Flip Altcoins?
Flipping refers to the strategy of investing in tokens before they are listed on exchanges, then quickly reselling them for a profit when they start trading on the exchange in the secondary market.
Flipping occurs with altcoins or assets, even though ”Bitcoin flipping” is a common phrase in the industry.
A market participant can purchase a certain quantity of altcoins at a price with the hope of shortly selling it later for a higher price. This strategy can be particularly useful during times of high volatility and price spikes.
Another important point to note is that listing a cryptocurrency on an exchange can often boost confidence in the crypto as well as the price. This is because those cryptos prices often rise after an ICO (Initial Coin Offering) compared with their pre-ICO prices.
How To Flip Altcoins On Binance
Binance is known for the number of trading pairs it lists. While most of the coins are traded against BTC, trading in BNB, ETH, and LTC pairs is quite common on Binance.
To view the coins that are offered as trading pairs, navigate to the top right corner of Binance’s trade view screen.
For example, if you wish to trade in Ethereum pair, click on ETH in the taskbar (on Binance) and select the coin that you would like to trade Ethereum for from the box below. For example, you could choose Cardano (ADA).
Clicking on ADA/ETH link will take you to Cardano’s marketplace as seen in the image below.
Now you have to select the type of order you want which can be in three ways. They are;
- Limit Orders: This allows the users to buy/sell the token at a specific price or better. In simple words, a user can choose a maximum price limit he or she is willing to pay for a coin and the minimum price at which the user is ready to sell the token.
- Market Orders: This is the fastest kind of trade order where a user can buy/sell the order immediately at the current market price.
- Stop-limit Orders: This allows users to set their limit price for buying/selling a coin only after it has reached a certain price or better and not as a market order.
This is how to flip altcoins on Binance and make profits. Prestmit, the number one gifts exchange platform in Nigeria is there for you in case you need help regarding how to flip altcoins.